In the latest turn of global governments against the crypto industry, India’s Financial Intelligence Unit (FIU) announced Thursday that it has requested the effective ban of nine crypto exchanges within the country, including Binance and Kraken. 

The agency, which regulates suspicious financial activity, issued a statement stating that the exchanges are operating illegally in India by failing to both register with the FIU and comply with national anti-money laundering and anti-terrorist financing regulations. 

The FIU has thus requested that the websites of these exchanges—Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitsamp, MEXC Global, and Bitfinex—be blocked in India by the country’s Ministry of Electronics and Information Technology, until further notice. 

“Virtual Digital Asset Service Providers (VDA SPs) operating in India… are required to be registered with FIU IND as Reporting Entity and comply with the set of obligations as mandated under Prevention of Money Laundering Act (PMLA) 2002,” the FIU said.

So far, 31 such virtual digital asset service providers have registered with the FIU, the agency said. However, a “substantial” number of Indian users opted to use exchanges that were unregistered, prompting the latest regulatory action.

Go to Source to See Full Article
Author: Sander Lutz

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details